GrainCorp shares surge in early trading
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More news: GrainCorp shares had jumped 6.2% by 10:25am AEDT after it sweetened a drop in profits with a share buyback and a steady dividend. Graincorp posted a $250 million net profit for FY23, down from $380 million the year before, but held its full-year dividend steady at 54 cents.
GrainCorp posts fall in profit, announces share buyback
The news: GrainCorp has reported a net profit after tax of $250 million for the 2023 financial year, down from $380 million in the previous year.
The numbers: The company's earnings before net interest, taxes, depreciation, and amortisation came in at $565 million, less than the $703 million reported in the 2022 financial year. It also announced a $50 million on-market share buyback and a total final dividend of 30 cents per share.
The context: The East Coast Australia (ECA) winter crop harvest began earlier than last year and is drawing to a close in Queensland, while NSW and Victoria harvests are under way, chief executive Robert Spurway said. "We’ve seen drier conditions in the northern half of ECA, but overall quality across all commodities has been excellent and harvest is now progressing well in key southern growing regions. Looking ahead, we expect crush volumes to remain high, whilst margins are anticipated to moderate from FY23 levels."
The source: ASX announcement
